ENXTAM:URW

Stock Analysis Report

Unibail-Rodamco-Westfield

Executive Summary

Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship destinations, with a portfolio valued at €65.0 Bn as at June 30, 2019, of which 86% in retail, 7% in offices, 5% in convention & exhibition venues and 2% in services.

Rewards

Trading at 62.5% below its fair value

Risk Analysis

Earnings are forecast to decline by an average of -5.5% per year for the next 3 years

Unstable dividend track record

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Good value average dividend payer.


Similar Companies

Share Price & News

How has Unibail-Rodamco-Westfield's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: URW has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-2.8%

URW

-3.0%

NL REITs

0.2%

NL Market


1 Year Return

-4.6%

URW

-6.3%

NL REITs

14.2%

NL Market

Return vs Industry: URW exceeded the Dutch REITs industry which returned -6.3% over the past year.

Return vs Market: URW underperformed the Dutch Market which returned 14.2% over the past year.


Shareholder returns

URWIndustryMarket
7 Day-2.8%-3.0%0.2%
30 Day-3.5%-3.9%0.6%
90 Day6.7%5.9%0.3%
1 Year3.1%-4.6%1.3%-6.3%19.3%14.2%
3 Yearn/a36.1%16.9%38.9%23.0%
5 Yearn/a53.6%20.6%66.6%33.1%

Price Volatility Vs. Market

How volatile is Unibail-Rodamco-Westfield's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Unibail-Rodamco-Westfield undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: URW (€138) is trading below our estimate of fair value (€368.39)

Significantly Below Fair Value: URW is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: URW is good value based on its PE Ratio (12.2x) compared to the REITs industry average (13.7x).

PE vs Market: URW is good value based on its PE Ratio (12.2x) compared to the Dutch market (20.6x).


Price to Earnings Growth Ratio

PEG Ratio: URW's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: URW is overvalued based on its PB Ratio (0.7x) compared to the NL REITs industry average (0.6x).


Next Steps

Future Growth

How is Unibail-Rodamco-Westfield forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

-5.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: URW's earnings are forecast to decline over the next 3 years (-5.5% per year).

Earnings vs Market: URW's earnings are forecast to decline over the next 3 years (-5.5% per year).

High Growth Earnings: URW's earnings are forecast to decline over the next 3 years.

Revenue vs Market: URW's revenue (0.2% per year) is forecast to grow slower than the Dutch market (5.6% per year).

High Growth Revenue: URW's revenue (0.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: URW's Return on Equity is forecast to be low in 3 years time (6.9%).


Next Steps

Past Performance

How has Unibail-Rodamco-Westfield performed over the past 5 years?

-2.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: URW has a large one-off loss of €1.0B impacting its June 30 2019 financial results.

Growing Profit Margin: URW's current net profit margins (48%) are lower than last year (63.2%).


Past Earnings Growth Analysis

Earnings Trend: URW's earnings have declined by -2.1% per year over the past 5 years.

Accelerating Growth: URW's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: URW had negative earnings growth (-3.5%) over the past year, making it difficult to compare to the REITs industry average (13.6%).


Return on Equity

High ROE: URW's Return on Equity (5.3%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Unibail-Rodamco-Westfield's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: URW has a high level of physical assets or inventory.

Debt Coverage by Assets: URW's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: URW's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if URW has a sufficient allowance for bad loans.

Low Risk Liabilities: URW reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if URW has an acceptable proportion of non-loan assets held.

Low Risk Deposits: URW has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if URW has an appropriate level of bad loans.


Next Steps

Dividend

What is Unibail-Rodamco-Westfield's current dividend yield, its reliability and sustainability?

7.83%

Current Dividend Yield


Dividend Yield vs Market

company7.8%marketbottom25%2.1%markettop25%5.5%industryaverage8.0%forecastin3Years7.9%

Current dividend yield vs market & industry

Notable Dividend: URW's dividend (7.83%) is higher than the bottom 25% of dividend payers in the Dutch market (2.15%).

High Dividend: URW's dividend (7.83%) is in the top 25% of dividend payers in the Dutch market (5.53%)


Stability and Growth of Payments

Stable Dividend: Too early to tell whether URW's dividend payments have been stable as they only just started paying a dividend.

Growing Dividend: Too early to tell if URW's dividend payments are increasing as they only just started paying a dividend.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (39.8%), URW's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: URW's dividends in 3 years are forecast to be thoroughly covered by earnings (0.6% payout ratio).


Next Steps

Management

What is the CEO of Unibail-Rodamco-Westfield's salary, the management and board of directors tenure and is there insider trading?

7.0yrs

Average management tenure


CEO

Christophe Cuvillier (57yo)

6.7yrs

Tenure

€4,999,784

Compensation

Mr. Christophe Cuvillier has been Chairman of Management Board at Unibail-Rodamco-Westfield SE (formerly, Unibail-Rodamco SE) since April 25, 2013 and serves as its Chief Executive Officer. Mr. Cuvillier s ...


CEO Compensation Analysis

Compensation vs Market: Christophe's total compensation ($USD5.56M) is about average for companies of similar size in the Dutch market ($USD4.38M).

Compensation vs Earnings: Christophe's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Management Age and Tenure

7.0yrs

Average Tenure

52yo

Average Age

Experienced Management: URW's management team is seasoned and experienced (7 years average tenure).


Board Age and Tenure

2.7yrs

Average Tenure

56.5yo

Average Age

Experienced Board: URW's board of directors are not considered experienced ( 2.7 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 34.3%.


Management Team

  • Jean-Marie Tritant (52yo)

    President of US

    • Tenure: 0yrs
    • Compensation: €1.55m
  • Michel Dessolain (64yo)

    Chief Operating Officer - Europe

    • Tenure: 0yrs
    • Compensation: €927.66k
  • Christophe Cuvillier (57yo)

    Group CEO & Chairman of Management Board

    • Tenure: 6.7yrs
    • Compensation: €5.00m
  • Jaap Tonckens (57yo)

    Group CFO & Member of Management Board

    • Tenure: 7.4yrs
    • Compensation: €2.83m
  • Fabrice Mouchel (49yo)

    Chief Financial Officer of Europe

    • Tenure: 18.9yrs
    • Compensation: €1.06m
  • Astrid Panosyan (48yo)

    Group Chief Resources Officer

    • Tenure: 4.3yrs
    • Compensation: €1.06m
  • Sylvain Montcouquiol

    Group Director of Human Resources & Organization

    • Tenure: 0yrs
  • David Zeitoun (51yo)

    Group Director of Legal

    • Tenure: 0yrs
  • Pierre Hausswalt

    Group Director of Communication and Public Affairs

    • Tenure: 0yrs
  • Maarten Otte

    Investor Relations

    • Tenure: 0yrs

Board Members

  • John McFarlane (72yo)

    Member of the Supervisory Board

    • Tenure: 1.5yrs
  • Colin Dyer (67yo)

    Supervisory Board Chairman

    • Tenure: 2.7yrs
    • Compensation: €186.00k
  • Philippe Collombel (58yo)

    Supervisory Board Member

    • Tenure: 2.7yrs
  • Jacques Stern (55yo)

    Supervisory Board Member

    • Tenure: 3.7yrs
  • Roderick Marie Stella Munsters (56yo)

    Supervisory Board Member

    • Tenure: 2.7yrs
  • Jill Granoff (57yo)

    Supervisory Board Member

    • Tenure: 1.6yrs
  • Sophie Etchandy-Stabile (49yo)

    Supervisory Board Member

    • Tenure: 4.7yrs
  • Dagmar Kollmann (55yo)

    Supervisory Board Member

    • Tenure: 5.7yrs
  • Mary Harris (53yo)

    Vice Chairman of Supervisory Board

    • Tenure: 0yrs
  • Jacqueline Tammenoms Bakker (66yo)

    Supervisory Board Member

    • Tenure: 4.7yrs

Company Information

Unibail-Rodamco-Westfield's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Unibail-Rodamco-Westfield
  • Ticker: URW
  • Exchange: ENXTAM
  • Founded: 1968
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €19.096b
  • Shares outstanding: 138.38m
  • Website: https://www.urw.com

Number of Employees


Location

  • Unibail-Rodamco-Westfield
  • 7 place du Chancelier Adenauer
  • CS 31622
  • Paris
  • Ile-de-France
  • 75772
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
UNIR.FOTCPK (Pink Sheets LLC)CDI 20:1USUSDMay 2018
URWCHIA (Chi-X Australia)CDI 20:1AUAUDMay 2018
URWASX (Australian Securities Exchange)CDI 20:1AUAUDMay 2018
1BR1DB (Deutsche Boerse AG)YesStapled SecuritiesDEEURJun 2018
URWBIT (Borsa Italiana)YesStapled SecuritiesITEURJun 2018
URW NBMV (Bolsa Mexicana de Valores)YesStapled SecuritiesMXMXNJun 2018
URWENXTAM (Euronext Amsterdam)YesStapled SecuritiesNLEURJun 2018
ULWBAG (Wiener Boerse AG)YesStapled SecuritiesATEURJun 2018
0YO9LSE (London Stock Exchange)YesStapled SecuritiesGBEURJun 2018
1BR1SWX (SIX Swiss Exchange)YesStapled SecuritiesCHCHFJun 2018
UNBL.FOTCPK (Pink Sheets LLC)YesStapled SecuritiesUSUSDJun 2018
URWABATS-CHIXE (BATS 'Chi-X Europe')YesStapled SecuritiesGBEURJun 2018

Biography

Unibail-Rodamco-Westfield is the premier global developer and operator of Flagship destinations, with a portfolio valued at €65.0 Bn as at June 30, 2019, of which 86% in retail, 7% in offices, 5% in conven ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/12/15 22:40
End of Day Share Price2019/12/13 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.